Bill Gates: Zillow user

Speaking today at Microsoft’s Strategic Account Summit, Microsoft co-founder Bill Gates admitted that he had checked the value of his Medina mansion on Zillow.com, according to a post from P-I reporter Todd Bishop.

Bill Gates

But Gates, who was complimentary of the online real estate service, also noted some shortcomings, launched last year by former Microsoft and Expedia executives.

“They’re algorithms for figuring out prices don’t scale very well to the low end or the very high end, I can tell you that,” said Gates. “They’re great for the part that counts. But if you bid that number on my house, I won’t sell it to you.”

And what is the Zestimate value of Gates’ 50,000 square foot pad? A cool $135 million.

UPDATE 1:43 P.M.: Gates also had some interesting things to say about the future of newspapers, television and yellow pages, noting that major shifts will be coming in less than five years.